Stock Market Ends Flat as Investors Rebalance Portfolio
The Nigerian Exchange, NGX, ends Tuesday trading activities flattish as equities investors continue to rebalance their portfolio holdings. NGX capitalisation closed at N19.7 trillion as key market indices were steadied as investors expect inflation data amidst a slowdown in yields repricing in the fixed income space.
Benchmark index closed at 37,857.24 points as investors continue to rebalance their portfolio ahead of the corporate earnings release season, analysts at Atlass Portfolio said.
Meanwhile, despite the flattish movement, market breadth remained positive, with 18 gainers versus 13 laggards. The volume of stocks traded on the exchange recorded an increase of 5.36 per cent compared to a 33.54 per cent decline in the value of stocks traded.
A total of 197.27 million units of shares valued at N1.92 billion, were traded in 3,567 deals.
WEMABANK led the volume chart, accounting for 18.86 per cent of the total volume of trades, followed by GTCO (14.15%) UPDC (7.02%) FIDELITYBK (6.16%), and UBA (4.86%) to complete the top five on the volume chart.
Also, GTCO led the value chart accounting for 42.88 per cent of the total value of trade on the exchange.
NCR, WEMABANK and FTNCOCOA led the gainers’ chart, with their share prices advancing by 9.64 per cent, 9.46 per cent, and 8.33 per cent, respectively.
Whereas IKEJAHOTEL topped the losers’ table with its share price depreciating by 9.09 per cent to close at N1.40 after opening the day at N1.54.
Afrinvest said in an email sent to clients that performance across sectors under its coverage was mixed as 2 indices gained, while 4 indices closed flat.
The Banking and Consumer Goods indices gained 0.4% and 0.3% respectively on the back of buying interest in ACCESS (+1.1%), WEMABANK (+9.5%), and INTBREW (+6.0%). Conversely, the Oil & Gas, Insurance, Industrial Goods and AFR-ICT indices closed flat.
“In the next trading session, we expect the domestic bourse to extend bearish performance due to selling pressure in the market”, Afrinvest said.
Stock Market Ends Flat as Investors Rebalance Portfolio
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source https://dmarketforces.com/stock-market-ends-flat-as-investors-rebalance-portfolio/